Cryptocurrency market is witnessing a continued rally for the last 1-week. Yesterday US$10 billion was pumped into the cryptocurrency market overnight, increasing the total market capitalization by 7.5% to US$144 million. The “Santa Rally” before Christmas has swelled the daily trade volume to around US$24 billion.
How is the Cryptocurrency Market Doing?
The crypto market rally is continuing. AltDex 100 Cryptocurrency Index is showing 93% cryptocurrencies in the green and only 7% in the red. Except for Bitcoin SV (BSV), all the top-10 cryptocurrencies are increasing at a decent pace.
Bitcoin is successfully trading above US$4,000 and is moving slowly but steadily towards the US$4,500-level. At press time, BTC/USD price has increased US$195 (or 4.79%) to US$4266.7. Buying signals are still strong and it’s poised to make further gains in the coming hours.
Both Ripple (XRP) and Ethereum (ETH) are increasing at a double-digit rate. At press time, XRP/USD was increasing at 16.73%, followed by ETH/USD at 11.28%. The most phenomenal price reversal has been posted by Ethereum. Just a week back, the ETH price was heading towards $80 and critics of Ethereum started writing its epitaph. That’s when it started to bounce back. Till now, Ethereum price has made a 75% recovery and is currently revolving around US$150.
Though Ripple XRP had a great day, the phenomenal rise in ETH price has narrowed down the gap between the two cryptos. While market capitalization of Ripple (XRP) is US$17,737,883,136, the same for Ethereum (ETH) is US$15,344,492,005. If Ethereum price keeps up the momentum, it may again become the second largest cryptocurrency in the coming few days.
Majority of the top-100 cryptocurrencies are in the green. Other major cryptocurrencies that have made significant gains today are EOS (EOS), Stellar (XLM), Litecoin (LTC), TRON (TRX), Cardano (ADA), NEO (NEO), Maker (MKR), and many more.
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